FICC Focus
Mid-Market Lending With Jim Fellows, First Eagle: Credit Crunch
Mar 23, 2024
Jim Fellows, Co-president and CIO of First Eagle Alternative Credit, discusses the value of culture, mid-market lending, and the right risk premium between direct lending and syndicated markets. They also talk about leveraging technology in the investment process and the evolution of markets like CLOs and leveraged loans.
52:46
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Quick takeaways
- First Eagle's investment approach values culture, technology, and industry expertise in mid-market lending.
- Balancing investment discipline with market shifts and valuation methodologies is crucial for continued success in credit markets.
Deep dives
Evolving Landscape of Credit Markets
Credit markets have evolved significantly over time, witnessed by the speaker's journey from direct lending in the late 80s to navigating various market shifts. The syndicated loan market has ballooned from $200 million to $1.5 trillion, experiencing shifts in liquidity and trade dynamics over the years.
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